fraud scheme at Apollo involves accounts receivable due to the accounts being overstated. The overstatement is significant enough to warrant additional audit testing. The potential for fraud in the accounts receivables lies in the lack of review procedures for the allowance of bad debt. There is no clear guidance in how much should be set aside for this purpose. The atmosphere of Apollo Shoes‚ including Mr. Lancaster’s unwillingness to write off doubtful accounts‚ is a tense one at best. The
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Transactions Accounting Principles General Journal Cash Account Purchases ledger Sales ledger General ledger Trail Balance Jan 1 Started business by borrowing a loan of $50 000 from the Centrex Commercial Bank which was invested into the business along with his personal savings of $50 000. The loan carries an interest rate of 12% per annum. The following transactions took place during the year. 1 Purchased the following assets and paid for them by cash: Furniture and Fittings
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qualitative characteristics not signaled by these indicators? Because of the problems noted‚ I don’t think we can rely on Apollo’s controls over revenue and accounts receivable. We will need to confirm most‚ if not all‚ of the accounts receivable balances. I suggest that you mail positive confirmations to those customers with accounts greater than $1‚000‚000 and negative confirmations to those with balances less than $1‚000‚000. Also‚ I suggest that you ask Apollo’s customers to verify total
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If you?re sitting here at our AGM this afternoon‚ it means that you as an owner want to be an informed and are interested in the welfare of your credit union. It also means that for some of you with the willingness to ask the pertinent - Why‚ What‚ How questions ? Why is the AGM so late? What is the status of our new head office and when will it finish? How is it that we?re only getting ah 4% dividend? My answer to you will be simple: I mean to tell you how our credit union is doing and highlight
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THE EVALUATION OF THE ACCOUNTS PAYABLE PROCESS in Lexmark Cebu Shared Service Center ______________________________________________ A Research Proposal Presented to the Faculty of the School of Business and Economics University of San Carlos Cebu City‚ Philippines ________________________________________________ In Partial Fulfilment of the Requirements of the Course MAC 601 (Accounting Research) _________________________________________________ By HONEYLET L. QUIMILAT MARY GLEE
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and support of my research by answering questionnaire. I will use the information for the research purposes only‚ and all information will be confidential. This research evaluates the reliability of Accounting Information Systems in Bahrain banking sector by using system trust (Sys Trust). Trust Services (including WebTrust® and SysTrust®) are defined as a set of professional assurance and advisory services based on a common framework "risks and opportunities" of IT. Trust Services principles
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declared and issued a 5% common stock dividend when the market value was $2 per share. Trent’s net income for 2010 was $360‚000. What is the balance in Agee’s investment account at the end of 2010 Cost $500‚000 Share of net income (.25 × $360‚000) 90‚000 Share of dividends (.25 × $160‚000) (40‚000) Balance in investment account $550‚000 2)During 2008‚ PK Co. purchased 2‚000‚ $1‚000‚ 9% bonds. The carrying value of the bonds at December 31‚ 2010 was $1‚960‚000. The bonds mature
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occur in cyberspace. Therefore‚ victims are hindered by the lack of legislation in place currently to obtain their legal rights. This change would help victims to approach their legal rights and prevent cybercriminals to take advantage of legal systems. This change may impose more taxable income and hurt tax payer’s benefits. Tax payers and business owners who benefit from current US law may oppose this change. 2 The second change is to equip with IT professionals or IT departments for
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uses the manual system Account Information System of their students. The information are stored and compiled in some sort of filing cabinets and may take a long time to retrieve the data and information especially when the account is for old students of the school. In all it can take minutes finding the relevant account information of the students. Students Account Information System manages student records and account information. A SAIS may handle student’s information system‚ payments information
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certain rules and regulation regarding business. How they wished they could manage every single task a company must do for the sake of their dues business became complicated with large number of works to monitor on sales‚ collection‚ reports‚ and accounts. Such problem affected the company’s customer service commitments and caused low productivity and profit levels. The need to increase manpower certainly will affect income and complicate the company’s operation. Updating reports have wasted time
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